translated from Spanish: China, U.S. reach deal to curb the imposition of new tariffs

China and the United States have reached an initial agreement to resolve their trade disputes, in addition to other issues such as technology transfers, financial services and intellectual property protection, which will mean that the cross-tariffs that both powers planned to impose as of next Sunday, Chinese authorities have reported and US President Donald Trump confirmed. announced on Friday at a press conference that the agreement on the context for the first phase of a trade treaty with the United States includes a commitment to withdraw additional tariffs imposed on Chinese exports, while the Asian giant will increase its imports of U.S. energy and agricultural products.” With the first-phase agreement, the US has pledged to reverse some of the tariffs on Chinese products and to extend exemptions for Chinese exports,” said Wang Shouwen, China’s deputy trade minister, adding that Beijing “will not introduce tariffs to be applied from 15 December.” Chinese officials, however, declined to provide details on the scope of the agreement between the two powers, as well as the tariffs that would be withdrawn, noting that the pact is still “under review,” so the data will be released more go ahead.” We expect the US to honestly fulfill its commitment,” said Wang. “China will not introduce tariffs to be applied since 15 December,” he added. According to Beijing, the text of the agreement will include nine chapters, including the preface, intellectual property rights, technology transfers, agricultural products and food, financial services, exchange rate and transparency, expansion resolution of disputes. Among the various aspects that would cover the agreement reached, China is committed to increasing its energy imports from the US, as well as the purchase of agricultural and pharmaceutical products.” We are an important export market for US agricultural products. In fact, we are the largest destination for U.S. cotton and soybean exports,” said the Chinese trade representative. In this regard, Deputy Minister of Agriculture Han Jun has indicated that China will increase its purchases of pork and poultry to the US to stabilize China’s needs. “The implementation of the agreement will expand China-US cooperation,” he stressed. The U.S. Trade Representative’s office has called the agreement with China “historic and achievable,” stressing that its implementation involves the Asian giant undertaking structural reforms and changes to its trading system, as well as in areas such as technology transfers, agriculture, financial services, currency and exchange rate. In addition, the US trade authority has indicated that the Convention includes a Chinese commitment to conduct “substantial additional purchases of U goods and services over the next few years”. In this sense, the agreement provides for the establishment of a dispute resolution system that ensures its effective implementation and compliance. For its part, the US has committed to modifying China’s tariff regime in response to Beijing’s practices in intellectual property, innovation and technology transfers, although it will maintain the 25% levy of around 250,000 (224,793 million euros) on Chinese imports and a tariff of 7.5% on another $120 billion (107.9 billion euros) on products imported from the Asian giant. Thus, the US will not implement The planned implementation of the 15% additional tariff on Chinese products worth about $160 billion (144.410 million euros) this Sunday. PHASE TWO OF THE AGREEMENT. US President Donald Trump, for his part, has indicated that this is “a very large First Phase agreement,” adding that China has agreed to make “many structural changes and massive purchases of agricultural products, energy, and manufactured goods,” although he recalled that 25% tariffs will continue to apply, along with a smaller tariff of 7.5% on the rest.” The penalty fees set for December 15 will not apply because of the fact that we made the deal,” the US president announced via Twitter. “We will begin negotiations on the Phase Two Agreement immediately, rather than waiting until after the 2020 election. This is an amazing deal for everyone. Thank you!” he has apostilled. For his part, US Trade Representative Robert Lighthizer stressed that the agreement announced with China represents a new breakthrough on the presidential economic agenda, praising Donald Trump’s “leadership” in achieving this “milestone,” which will serve to develop a more balanced business relationship and a more balanced playing field for American businesses and workers.” President Trump has focused on concluding a Phase One agreement that achieves significant, fully achievable structural changes and begins to rebalance the US-China trade relationship,” Lighthizer said, for whom “this agreement without achieves very important goals and would not have been possible without strong presidential leadership.”



Original source in Spanish

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